dennis, impossible to tell right now because we simply don't know what kind of rally we are going to get out of this (presumed) today's 6-7 day cycle low.
but I can tell you that the upside target ahead of the 5-w cycle low (again ideally due 11/30-12/3) is Nasdaq 2133 +/- 23 pts (i.e. range of 2110-2155) ideally due early next week (and note that we already hit that range on Wednesday at 2,112) - therefore, ideally, we should go slightly higher next week towards that mid-point target of about 2130, and then do a short but sharp sell-off into that 5-week cycle low. but it's still virtually impossible to estimate right now what the 5-week cycle low downside target should be.
also, imho, $VXN has bottomed in very oversold territory, and should do a reliefy rally the next week which should co-incide with the sell-off by NDX and Nasdaq into the next 5-week cycle low.
so, if you plan on buying calls (like me) to catch the rally out of the next 5-week cycle low into the RT 10-week cycle high (ideally due just before X-Mas), then IMHO it would probably be a good idea to wait until then 5-w cycle low is in even though we may come back down to the same level because there should be a rally in $VXN which could/should make the calls cheaper at the 5-w cycle low as the VXN peaks.
finally, pls. note that I was talking about NDX points in terms of that drop, Naz drop could be as large as 100 Naz pts.
hope this helps & good luck.
